The purpose of the CDBG Section 108 Microloan program is to provide small, short-term business loans for active small businesses and startups. Loans may be used for small real estate purchases, inventory, working capital, supplies, furniture, fixtures, machinery and equipment.
- Amount: up to $35,000
- Term: up to 6 years
- Rate: determined during application process
- Jobs: entrepreneurs are to make jobs available principally for low- and moderate-income citizens